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Elon Musk’s AI startup — X.AI — files to raise $1 billion in fresh capital
Grok Chatbot and Musk's Fixation on Extraterrestrial Life Fuel Speculation
kishore kumar
December 06, 2023
Key Points
X.AI, Elon Musk’s artificial intelligence startup, has filed with the SEC to raise up to $1 billion in an equity offering.
The company has raised nearly $135 million from four investors, with the first sale occurring on Nov. 29, according to the filing.
The AI startup, which Musk announced in July, seeks to “understand the true nature of the universe,” according to its website.
Elon Musk speaks onstage during The New York Times Dealbook Summit 2023 at Jazz at Lincoln Center on November 29, 2023 in New York City.
X.AI, an artificial intelligence startup founded by Elon Musk, has filed with the SEC to raise up to $1 billion in an equity offering.
The company has already brought in nearly $135 million from four investors, with the first sale occurring on Nov. 29, and has a “binding and enforceable agreement” for the purchase of the remaining shares, the filing says.
The AI startup, which Musk announced in July, seeks to “understand the true nature of the universe,” according to its website. Last month, X.AI released a chatbot called Grok, which the company says is modeled after “The Hitchhiker’s Guide to the Galaxy.” The chatbot debuted with two months of training and has real-time knowledge of the internet, the company claims.
“Grok is designed to answer questions with a bit of wit and has a rebellious streak, so please don’t use it if you hate humor!” X.AI wrote on its website, adding, “It will also answer spicy questions that are rejected by most other AI systems.”
The company didn’t immediately respond to a request for comment.
With Grok, X.AI aims to directly compete with companies including ChatGPT creator OpenAI, which Musk helped start before a conflict with co-founder Sam Altman led him to depart the project in 2018. It will also be vying with Google’s
Bard technology and Anthropic’s Claude chatbot.
Earlier this year, Musk reportedly secured thousands of high-powered graphics processing units (GPUs) from Nvidia, the kind of chips necessary to build a large language model.
X.AI is one of many companies owned or led by Musk. In addition to his control of X, previously Twitter, which he purchased last year, Musk is CEO of Tesla
and SpaceX. He also operates underground tunnel developer Boring Company and brain-tech startup Neuralink.
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